Search found 63 matches

by cppoly
Mon Feb 10, 2020 2:09 pm
Forum: Personal Finance (Not Investing)
Topic: 10% penalty exemption from 401k withdrawal
Replies: 6
Views: 910

Re: 10% penalty exemption from 401k withdrawal

Thanks for the info. But it's still ambiguous. It doesn't indicate if I’m allowed to include prior medical expenses for the year to meet this 7.5% AGI threshold. If yes, then the entire $7.5k withdrawal would be tax exempt. On the other hand, if they’re only looking at this one withdrawal as being o...
by cppoly
Mon Feb 10, 2020 9:17 am
Forum: Personal Finance (Not Investing)
Topic: 10% penalty exemption from 401k withdrawal
Replies: 6
Views: 910

10% penalty exemption from 401k withdrawal

Hi, I need a little help. I took out $7.5k from my 401k for a medical expense in 2019. I’m doing my taxes now in turbotax and finished itemizing my medical expenses which came out to $23k of which $17k was allowed to be itemized (7.5% above my AGI). This $17k includes the $7.5k from this medical exp...
by cppoly
Mon Jan 27, 2020 11:03 am
Forum: Personal Finance (Not Investing)
Topic: Medical deduction
Replies: 9
Views: 559

Re: Medical deduction

Thanks, the taxes are probably the missing piece that I was overlooking. I never itemized before. Thanks again.
by cppoly
Mon Jan 27, 2020 9:31 am
Forum: Personal Finance (Not Investing)
Topic: Medical deduction
Replies: 9
Views: 559

Re: Medical deduction

Thanks for the 7.5% clarification. Just to confirm, I would need to have medical expenses at least exceeding 7.5% of my AGI PLUS an additional $12,200 (2019 standard deduction) in order for this path to make sense in pursuing, correct? I'm scratching my head because if my AGI is 80k for simplicity, ...
by cppoly
Sun Jan 26, 2020 1:23 pm
Forum: Personal Finance (Not Investing)
Topic: Medical deduction
Replies: 9
Views: 559

Re: Medical deduction

I'm in NY. But my question being, is the expenses ONLY above the AGI deductible OR, once you meet the 7.5% or 10% AGI threshold, ALL of the expense is considered deductible?? Correction, it wasn't $10,000 that made my refund go up, I'm playing around with the numbers and it looks like $14,200 is the...
by cppoly
Sun Jan 26, 2020 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: Medical deduction
Replies: 9
Views: 559

Medical deduction

Hi, has something changed with taxes this year for medical? I was always under the impression you can deduct ONLY above 7.5% AGI. For instance, if I had $10,000 in medical expenses, and an AGI of $100k for simplistic sake, then $10,000 - $7,500 = $2,500 would be considered deductible correct?? So in...
by cppoly
Tue Aug 06, 2019 6:43 am
Forum: Personal Finance (Not Investing)
Topic: Medical expense deduction question
Replies: 10
Views: 1028

Re: Medical expense deduction question

Any help to this question?
by cppoly
Fri Aug 02, 2019 9:47 am
Forum: Personal Finance (Not Investing)
Topic: Medical expense deduction question
Replies: 10
Views: 1028

Re: Medical expense deduction question

I have a follow up question. It looks like I can avoid a 10% hardship withdrawal penalty if: "If you are under age 59½, the 10 percent penalty for early withdrawals from retirement plans is waived to the extent that you have qualifying medical expenses greater than 10 percent of your AGI. Even if yo...
by cppoly
Wed Jul 24, 2019 8:36 am
Forum: Personal Finance (Not Investing)
Topic: Medical expense deduction question
Replies: 10
Views: 1028

Re: Medical expense deduction question

Thanks for responses. Yea it is a medical expense. I can't find the definition of a "qualified medical expense" but it is something a medical doctor is determining would be beneficial to treat Lyme disease. Although it would be considered alternative treatment, and not something insurance recognizes...
by cppoly
Wed Jul 24, 2019 6:40 am
Forum: Personal Finance (Not Investing)
Topic: Medical expense deduction question
Replies: 10
Views: 1028

Medical expense deduction question

For an upcoming medical expense, I have to use my 401k savings to pay for this cost. If I use $10,000 let's say from my 401k, am I allowed to include this money as part of the medical expense deduction when trying to figure out my total amount? Side question, my 401k also includes roth funds. I have...
by cppoly
Wed Jun 27, 2018 9:39 am
Forum: Personal Finance (Not Investing)
Topic: HSA question
Replies: 13
Views: 1189

Re: HSA question

Thanks for the responses. I will check with my HR department to see if the plan is HSA eligible.

Regarding in-network in-network deductible/limits, I now see the reference in the chart in publication 969. I don't think I am eligible now, but I'm still asking.
by cppoly
Tue Jun 26, 2018 3:07 pm
Forum: Personal Finance (Not Investing)
Topic: HSA question
Replies: 13
Views: 1189

Re: HSA question

I'm looking into setting this up myself through a bank or an HSA provider and not through my employer so I was looking at meeting the requirements on my own by reading the publication and figuring out if my plan meets the requirements. Or does my employer have to get involved and let me know this an...
by cppoly
Tue Jun 26, 2018 2:49 pm
Forum: Personal Finance (Not Investing)
Topic: HSA question
Replies: 13
Views: 1189

HSA question

An HSA account isn’t offered through my employer but I’m looking into setting one up on my own. A high deductible plan is required to qualify ($1,350 deductible and $6,650 max out of pocket for individuals) but it makes no mention of whether this applies to in-network or out-of-network benefits in t...
by cppoly
Mon Apr 16, 2018 12:01 pm
Forum: Personal Investments
Topic: 401k withdrawal question
Replies: 6
Views: 719

Re: 401k withdrawal question

Thanks
by cppoly
Mon Apr 16, 2018 9:50 am
Forum: Personal Investments
Topic: 401k withdrawal question
Replies: 6
Views: 719

Re: 401k withdrawal question

I called the company that manages the 401k and they said the only way to withdraw was through a loan so I just gave up on the idea.

So I want to push back on this.
by cppoly
Mon Apr 16, 2018 9:16 am
Forum: Personal Investments
Topic: 401k withdrawal question
Replies: 6
Views: 719

401k withdrawal question

I'm looking to possibly withdraw money from my 401k account but the only way to do so is with a "loan" that I pay myself back with through paycheck deductions. Instead I would like to withdraw money not as a loan but as a simple withdrawal (with tax penalties I understand). So my question is, should...
by cppoly
Fri Feb 03, 2017 2:46 pm
Forum: Personal Finance (Not Investing)
Topic: Student loan repayment question - married couples
Replies: 4
Views: 763

Re: Student loan repayment question - married couples

Thanks, but I couldn’t quite follow your example and apply it to my situation. Let me rephrase my question. When does income based repayment for student loans take into account your income, when you start to repay the loans (which could potentially be 2018 for me) or when you graduate (which would b...
by cppoly
Fri Feb 03, 2017 1:28 pm
Forum: Personal Finance (Not Investing)
Topic: Student loan repayment question - married couples
Replies: 4
Views: 763

Student loan repayment question - married couples

If a married couple files jointly, I understand the student loan repayment for my spouse would be based off of our combined income. But they key question I have is when ? For instance, if she graduates July 1st of this year and student loan repayment starts 6 months after graduation with a start dat...
by cppoly
Wed Jul 27, 2016 3:20 pm
Forum: Personal Finance (Not Investing)
Topic: Health insurance question
Replies: 13
Views: 1028

Re: Health insurance question

Just curious, how do I find out how much we have to owe back in free health care if it was 6 months worth? Assuming all of it will have to be given back.
by cppoly
Wed Jul 27, 2016 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: Health insurance question
Replies: 13
Views: 1028

Re: Health insurance question

Ok thanks. So it has no benefit to file separately in this regard. Might as well file jointly.

If we file jointly, she will have to return all of the subsidies as well?

So it's probably a good idea to get her off the ACA as soon as possible??
by cppoly
Wed Jul 27, 2016 12:59 pm
Forum: Personal Finance (Not Investing)
Topic: Health insurance question
Replies: 13
Views: 1028

Health insurance question

I got married mid year and my wife doesn't pay any money for health insurance under the affordable care act since she's under the income threshold level. Now that we're married, can we maintain this arrangement if we file our taxes separately? Or, once we're married we do not have that option to to ...
by cppoly
Sun Jan 24, 2016 7:51 am
Forum: Personal Finance (Not Investing)
Topic: Interest on student loan increased in 2015 compared to 2014?
Replies: 3
Views: 574

Interest on student loan increased in 2015 compared to 2014?

I compared my student loan interest on a 10 year loan and I paid more interest in 2015 compared to what I paid in 2014 and this didn't make sense to me. I thought as time goes on, the principal will start to get lower and so would the interest you paid. So shouldn't the interested paid in 2015 be lo...
by cppoly
Sun Jan 17, 2016 5:46 pm
Forum: Personal Finance (Not Investing)
Topic: $0 payment credit cards & credit score
Replies: 14
Views: 1111

Re: $0 payment credit cards & credit score

Anything else I should know? Why are you playing this CC game? Certain life circumstances have caused the need to open a $0 interest card for 15 months as I do not have the money right now but will definitely have it before the 15 months are over. I consider it a $0 interest loan. Is there somethin...
by cppoly
Sun Jan 17, 2016 1:05 pm
Forum: Personal Finance (Not Investing)
Topic: $0 payment credit cards & credit score
Replies: 14
Views: 1111

$0 payment credit cards & credit score

If I open up a new credit card with $0 payments for 15 months, will paying the minimum required monthly payments affect my credit score since I won't be paying the balance in full every month? I'm not sure if this is true, but I always thought if you don't pay a credit card statement in full each mo...
by cppoly
Mon Aug 18, 2014 11:25 am
Forum: Personal Finance (Not Investing)
Topic: Selling 401k questions
Replies: 11
Views: 888

Re: Selling 401k questions

Thanks for the replies. Looks like both options don't really fit my case. The retirement company said under my plan I wasn't allowed to sell unless it was for a qualified hardship. I am allowed to borrow 50% but this amount would be required to be payed back starting almost immediately through deduc...
by cppoly
Sun Aug 17, 2014 8:12 pm
Forum: Personal Finance (Not Investing)
Topic: Selling 401k questions
Replies: 11
Views: 888

Re: Selling 401k questions

It's a little troublesome that my employer would have access to that, I'm trying to avoid that scenario if anyway possible. It's not a super small company, around 100.
by cppoly
Sun Aug 17, 2014 6:56 pm
Forum: Personal Finance (Not Investing)
Topic: Selling 401k questions
Replies: 11
Views: 888

Re: Selling 401k questions

Thanks. According to that article, it looks like a max borrow of 50% is the typical. So that would be out. I guess the only questions remain are about selling.
by cppoly
Sun Aug 17, 2014 6:30 pm
Forum: Personal Finance (Not Investing)
Topic: Selling 401k questions
Replies: 11
Views: 888

Selling 401k questions

For personal reasons, I would like to withdraw money from my 401k from an account with a company that I currently work for. I have some general basic questions that I hope could be answered. I will check with the company that manages the 401k but just wanted some advice here so that I am prepared. 1...
by cppoly
Sun Apr 06, 2014 8:25 pm
Forum: Personal Finance (Not Investing)
Topic: Financial question about a Doctor’s Visit
Replies: 77
Views: 6556

Re: Financial question about a Doctor’s Visit

I agree it is a good practice to make sure lab work is sent to the correct lab in order to be covered. This is what I did for my first lab work. When a result was out of range, the doctor requested for me to be retested. The fact that my 2nd and 3rd lab works were sent to out of network labs while t...
by cppoly
Sun Apr 06, 2014 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Financial question about a Doctor’s Visit
Replies: 77
Views: 6556

Re: Financial question about a Doctor’s Visit

It was a second appeal for me and I provided the insurance company all the EOBs and the lab results. They fully reviewed it and really didn't care. Do I have any option of small claims court or something? If I don't pay the medical bills this could be used against my credit. I don't see how the doct...
by cppoly
Sun Apr 06, 2014 7:42 am
Forum: Personal Finance (Not Investing)
Topic: Financial question about a Doctor’s Visit
Replies: 77
Views: 6556

Financial question about a Doctor’s Visit

I visited an in-network doctor and on the same day the doctor had my blood taken and sent to a lab. It was sent to an in-network lab and I was covered at 100%. One of the results came back out of range and the doctor requested that I come back in to repeat the blood test. Except this time, the docto...
by cppoly
Sat Jul 20, 2013 7:31 am
Forum: Personal Finance (Not Investing)
Topic: What are some good income limits to know?
Replies: 23
Views: 4466

Re: What are some good income limits to know?

Great thanks! This can be very confusing. At first thought, it looked like the capital gains (which are already taxed at a specific %) were included in AGI, which was further taxed again when I saw Line 43. But instructions for taxable income separate income and capital gains. I guess the reason is ...
by cppoly
Fri Jul 19, 2013 7:16 pm
Forum: Personal Finance (Not Investing)
Topic: What are some good income limits to know?
Replies: 23
Views: 4466

Re: What are some good income limits to know?

I didn't really follow everything you just said. Can you give me an example?
by cppoly
Fri Jul 19, 2013 5:51 am
Forum: Personal Finance (Not Investing)
Topic: What are some good income limits to know?
Replies: 23
Views: 4466

Re: What are some good income limits to know?

I'm having some difficulty here. So far it has been said that long term capital gains are taxed at a different rate than ordinary income (0%, 0%, 15%, 15%, 15%, 15%, 15%, 20%). However, I reviewed a 1040 form and line 13 in the income section includes Capital Gain or Loss, which will either add or s...
by cppoly
Thu Jul 11, 2013 4:42 am
Forum: Personal Finance (Not Investing)
Topic: Different credit scores for couples
Replies: 12
Views: 1125

Re: Different credit scores for couples

Thanks for the tips so far they are helpful. Do I still retain my credit score when I'm married or do I no longer have an individual score but rather a shared score?
by cppoly
Wed Jul 10, 2013 11:11 am
Forum: Personal Finance (Not Investing)
Topic: Different credit scores for couples
Replies: 12
Views: 1125

Re: Different credit scores for couples

She has a low credit score because she is a doctoral student with debt.

What happens to our credit score if we get married? Are the scores averaged?

Should a house loan be under my name then?
by cppoly
Wed Jul 10, 2013 6:18 am
Forum: Personal Finance (Not Investing)
Topic: Different credit scores for couples
Replies: 12
Views: 1125

Different credit scores for couples

I have a very good credit score and my girlfriend has a very low one. What is a good strategy for future investments that I should follow? For instance, a new loan for a house, car, etc. Should everything be done under my name? What happens when we get married?
by cppoly
Tue Jun 25, 2013 6:19 am
Forum: Personal Finance (Not Investing)
Topic: Capital gains taxes
Replies: 11
Views: 1145

Re: Capital gains taxes

Thanks
by cppoly
Mon Jun 24, 2013 6:22 pm
Forum: Personal Finance (Not Investing)
Topic: Capital gains taxes
Replies: 11
Views: 1145

Re: Capital gains taxes

There are states near NY that tax STCG and LTCG quite differently. Why do you care? As for federal, there are many different effective rates on STCG and LTCG. For example, it's possible to have a 90% federal tax rate on LTCG and a rate on STCG that is only 11% higher (100%). I would like to know ho...
by cppoly
Mon Jun 24, 2013 3:45 pm
Forum: Personal Finance (Not Investing)
Topic: Capital gains taxes
Replies: 11
Views: 1145

Re: Capital gains taxes

Thanks but the question is asking if the rates are absolute and there are no hidden taxes.
by cppoly
Mon Jun 24, 2013 11:11 am
Forum: Personal Finance (Not Investing)
Topic: Capital gains taxes
Replies: 11
Views: 1145

Capital gains taxes

Long term capital gains tax is 15% and short term is 25%. You also have to consider state tax as well. I believe it is 5% for NY. My first question is, is state tax on LTCG and STCG the same percentage typically? My next question is, are there any other taxes to be aware of or would 20% and 30% be t...
by cppoly
Sun Jun 09, 2013 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: What are some good income limits to know?
Replies: 23
Views: 4466

Re: What are some good income limits to know?

Thanks for the help so far. There's a lot of info to take in. I will try to read it and understand it on my own.
by cppoly
Sat Jun 08, 2013 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: What are some good income limits to know?
Replies: 23
Views: 4466

Re: What are some good income limits to know?

What affect does capital gains have on your tax bracket? Let's say ordinary income was 50k and capital gains was 50k, is your tax bracket still 25% or now 28%? Because you already pay capital gains when the money is taken out. Your marginal tax rate is computed based on the income other than qualif...
by cppoly
Sat Jun 08, 2013 11:54 am
Forum: Personal Finance (Not Investing)
Topic: What are some good income limits to know?
Replies: 23
Views: 4466

Re: What are some good income limits to know?

Thanks for input so far.

For the site: http://www.cffpinfo.com/pdfs/2013_Annual_Limits.pdf

What income are these numbers based off? AGI, MAGI, gross? Are all phaseouts using the same metrics? (For instance could be based off of AGI, and another be based off of gross?)
by cppoly
Sat Jun 08, 2013 6:13 am
Forum: Personal Finance (Not Investing)
Topic: What are some good income limits to know?
Replies: 23
Views: 4466

Re: What are some good income limits to know?

What affect does capital gains have on your tax bracket? Let's say ordinary income was 50k and capital gains was 50k, is your tax bracket still 25% or now 28%? Because you already pay capital gains when the money is taken out.
by cppoly
Fri Jun 07, 2013 9:16 pm
Forum: Personal Finance (Not Investing)
Topic: What are some good income limits to know?
Replies: 23
Views: 4466

What are some good income limits to know?

What are some basic income limits to be aware of for tax purposes? For instance, if selling stock would raise my income to a certain level then I might not be eligible for certain deductions such as student loan interest. Also ate there certain income levels to be aware of just in general?
by cppoly
Sat Apr 27, 2013 11:53 am
Forum: Personal Finance (Not Investing)
Topic: Deducting student loan payment
Replies: 8
Views: 693

Re: Deducting student loan payment

Good point